Washington, DC – Today, in response to the Federal Housing Finance Agency’s (FHFA) release of its final affordable housing goal rule for Fannie Mae and Freddie Mac for 2015-2017, National Community Reinvestment Coalition (NCRC) President and CEO John Taylor made the following statement:
“The affordable housing goal rule announced by FHFA today falls short of what will be needed to ensure that all creditworthy Americans have access to mortgages. At a time when many working Americans face unnecessary barriers to becoming homeowners, this is a lost opportunity.”
“Fannie Mae and Freddie Mac have enormous potential to lead the market on access to credit for low- and moderate-income families, and truly make a positive difference. Unfortunately FHFA has not set the goals for Fannie and Freddie to better serve working families and underserved communities.”
In October of 2014, NCRC sent a comment letter to FHFA calling upon the agency to set a low-income purchase goal target of at least 28%. The final rule announced today includes a 24% goal. NCRC had also called upon the agency to set goals for only two years rather than three.
NCRC opposed the Johnson-Crapo GSE reform legislation and led the effort to preserve the affordable housing goals. A full list of NCRC’s statements and policy papers on housing finance reform can be found here.
About the National Community Reinvestment Coalition (NCRC): The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America’s working families.